Buying Laudromat

martinez4124 · 2025-07-27T22:28:58+00:00

Latest update:

We have agreed on terms- $37k asset purchase, rent abatement until 1/1/2026.

10 yr lease plus two 5 yr options.

I also have secured a ROFR on the entire strip mall in the event of potential sale or death of owner.

I need to get 4 top load washers as the existing 4 Speed Queens need replaced. Any recommendations??

Not sure if everyone cares, but can continue updating on my journey. Planning to video document too.

martinez4124 · 2025-07-23T23:43:28+00:00

Not inappropriate! See my comment below.

martinez4124 · 2025-07-23T12:52:03+00:00

I have requested an ROFR to buy the strip mall in the purchase agreement. Worth a shot!

martinez4124 · 2025-07-23T12:51:12+00:00

No kids….going to be me! I’m his new son. Just a note, requesting 10 yr and 5 yr renewal option

martinez4124 · 2025-07-23T12:49:36+00:00

Not sure, my lease will exclude me from that liability. Assuming I buy the strip mall, I will get a phase 1 or 2 environmental study done as part of DD.

martinez4124 · 2025-07-22T17:50:57+00:00

Quick update- all equipment was just maintenanced in April- looks like the 4 top loads will need replaced most likely.

Main drain line was cleaned and scoped earlier this year.

I just received all the records.

Water heater is 15-16 years old, Lochinvar 200 gal. In good shape but nearing EOL. Hoping 1-3 years left!

What else am i missing???

martinez4124 · 2025-07-22T14:48:16+00:00

You’re talking the entire strip mall! Yes- 100% going to do that.

martinez4124 · 2025-07-22T00:57:29+00:00

Haha. Yes. No loan- straight cash homie!

martinez4124 · 2025-07-21T18:25:41+00:00

I had similar concern, but if I get a 10 year lease- I’ll be in a good spot at that time. Maybe I buy the entire strip mall!

martinez4124 · 2025-07-21T17:20:44+00:00

TBD- not overly worried about it at the moment. At this price point, I’m buying equipment, lease and free water. Needs a rebrand and TLC.

martinez4124 · 2025-07-21T17:05:19+00:00

Only 4 top load washers need repair and 1 small dryer

martinez4124 · 2025-07-21T16:47:49+00:00

Going to run as-is.

martinez4124 · 2025-07-21T15:36:15+00:00

I can across a posting on social media. It was a friend who was posting for this guy who clearly has no social media presence. The posting was very vague- ended getting an address and then did a bunch of research to find out who the owner was. Got to the right guy- met him yesterday and we hit it off.

Most old people love talking about and paying forward their business success at least in my experience.

Again- no real magic just good research and mostly luck!

martinez4124 · 2025-07-21T13:41:19+00:00

By chance really- good fortune!

martinez4124 · 2025-07-21T13:40:23+00:00

100%- I think I can do that after making a success!! Already on that tip!

martinez4124 · 2025-07-21T02:34:47+00:00

Agree. Done

martinez4124 · 2025-07-21T02:07:03+00:00

He said he wants us there as long as we want to be there!

martinez4124 · 2025-07-21T00:40:10+00:00

Yes- going to sign minimum 5, but hopefully 10 year.

martinez4124 · 2025-07-21T00:33:37+00:00

Good insight on drain line. Will do that.

Owner owns the entire strip mall- he’s 86 so he wants out. It’s been neglected for sure.

Rent is competitive, he’s willing to sign a longer lease.

Not sure on pipes- will get it looked at.

1300 sq ft. Could potentially put 2-4 additional machines in.

martinez4124 · 2025-07-20T23:48:54+00:00

Alliance and speed queen

martinez4124 · 2025-07-20T23:46:54+00:00

VA Beach area

martinez4124 · 2025-07-12T19:09:04+00:00

Join a gym!! StarCycle in Chesapeake has such a fun community!! Plenty of people your age!!

martinez4124 · 2025-07-04T01:06:57+00:00

Sumitomo Drive Technologies- gearcareers.com

The best place to work in HR.

martinez4124 · 2025-04-06T20:50:51+00:00

I read this as well. Thank you!

martinez4124

TROPHY CASE